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SWA Economics Review
limiting the amount of products that can come into a country
Standards are
SWA Economics Review
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Econ Vocabulary Review
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Questions
36
Answers
1
Standards are
how we measure what a country produces
certain requirements from the government
types of products a country can or cannot produce
2
limiting the amount of products that can come into a country
embargo
tariff
quota
standard
3
economic system where the government answers the 3 economic questions
traditional economy
mixed economy
command economy
market economy
4
What is the role of entrepreneurship in SWA?
Entrepreneurship is forbidden in most countries
Most countries allow entrepreneurship b/c it decreases GDP
Government owns all businesses in SWA
Most countries allow entrepreneurship b/c it increases GDP
5
amount of products and services produced in one country in one year
per capita GDP
trade
export
GDP
6
Supply and demand guide decisions.
mixed
command
traditional
market
7
labor done by people in order to produce products
specialization
Capital Goods
Natural Resources
Human Capital
8
product leaving a country through trade or sale
export
import
GDP
entrepreneurship
9
rate at which one unit of currency is traded for one unit of another currency
currency
exchange rate
GDP
import
10
A mechanic at the Kia dealership is an example of
natural resource
capital good
human capital
11
Entrepreneurs ________________ a country.
benefit
hurt
don't impact
12
cutting off trade to a certain country because of political reasons
embargo
quota
standard
tariff
13
What are the two most valuable natural resources in SWA?
Water and oil
Bugs and candy
Sand and dirt
Gold and diamonds
14
product brought into a country through trade or sale
import
export
trade
entrepreneurship
15
raw material from nature that is used to produce things
GDP
capital good
natural resource
human capital
16
tax on imports
embargo
standard
quota
tariff
17
money
GDP
exchange rate
currency
import
18
when a country focuses on creating a few specific products
specialization
import
trade
export
19
Usually found in undeveloped countries.
traditional
mixed
market
command
20
Investing in human and capital goods ____________ a country's GDP.
decreases
doesn't change
increases
21
The characteristics of education, skills, and training of SWA citizens.
School
Human Capital
Literacy Rate
Trade Barriers
22
Trade barriers are meant to
hurt a country's domestic products
protect a country's domestic products
create competition
23
What is the United States' main economic interest in SWA?
Exporting products
Trade Routes
Tourism
Oil
24
The limit on the amount of imported goods in SWA countries.
Human Capital
GDP
Tariff
Quota
25
economic system where the government and people share in answering the 3 economic questions
command economy
mixed economy
market economy
traditional economy
26
Petroleum extracted from the ground is an example of
human capital
capital good
natural resource
27
The study of how people or countries manage their limited resources.
trade barriers
import
GDP
economics
28
bringing together natural, capital, and human resources and developing businesses
import
export
entrepreneurship
GDP
29
the machines, tools, factories, land, and technology that are needed to make other products
human capital
GDP
natural resources
capital goods
30
Government regulates, but individuals own "means of production".
command
mixed
traditional
market
31
Factories are concerned with quotas not with making profits.
market
traditional
command
mixed
32
governmental policies that restrict the entry of products into a country
trade barriers
GDP
exchange rate
currency
33
voluntary exchange of products and services
GDP
export
import
trade
34
economic system where social roles and culture answer the 3 economic questions
command economy
market economy
mixed economy
traditional economy
35
What country produces the most oil in SWA?
Iraq
Iran
Israel
Saudi Arabia
36
economic system where the people answer the 3 economic questions
traditional economy
command economy
market economy
mixed economy
